Japan’s FSA Deny Rumors of Revising Cryptocurrency Regulations

Japan’s FSA Deny Rumors of Revising Cryptocurrency Regulations

The Japanese Financial Services Agency (FSA) has refuted the recent reports from local news outlets on plans to change the legal basis of existing crypto regulations. According to a recent report by Sankei Shimbun, the FSA was considering bringing the cryptocurrency exchange sector under the purview of the Financial Instruments and Exchange Act (FIEA), to

According to a recent report by Sankei Shimbun, the FSA was considering bringing the cryptocurrency exchange sector under the purview of the Financial Instruments and Exchange Act (FIEA), to recognize and effect laws applicable to traditional securities firms and stock brokerages.

However, Impress Corporation has published the FSA’s take on the report, quoting the agency as saying “there was no such fact.”

“If there are such considerations, it will be taken up as an agenda for the study group…the [said] agenda has not been discussed at all in the past 4 meetings…Things that are not on the agenda at all cannot be considered,” the regulators said.

The FSA regularly holds research meetings with various stakeholders including academics experts, financial practitioners, institutional members, and other industry participants to discuss various issues surrounding the crypto industry, the news outlet added.

According to the latest Japanese revised Payment Services Act which went into effect in April 2017, cryptocurrencies are recognized as a form of legal tender. The law also requires cryptocurrency startups intending to do business in the country or solicit its citizens to register with the FSA.